Wealth advisory startup Savart has raised $1.5 million in a pre-Series A funding round led by 9Unicorns and Venture Catalysts’ Angel Fund. Existing investor Beenext Asia Fund and a clutch of other angels also joined the round..
According to Savart, the proceeds will be used for marketing, product developments and expanding into new territories.
Savart aims to simplify investing stocks and mutual funds investment through a psycho-metric analysis. It claims to prepare customized portfolios for investors based on their temperament and requirements.
As per the company’s website, it has 100K clients across 20 countries and Rs 800 crore assets under advisory. The company charges Rs 5,000 flat fee from subscribers for advisory and portfolio building. In November last year, the company had raised $549K (about Rs 4.09 crore) in its maiden funding round led by Beenext, Yatra Angel Network and Jitendra Gupta.
The Hyderabad-based startup aims to grow its asset under advisory (AUA) to $1 billion by the end of 2023 through its online and offline play this year. The company competes with the likes of Smallcase, Wealthfront among others.